Highest-earning grads majored in math and science, study finds

The job search may be easing for new college graduates, according to recent reports.

By Tiffany Hsu

April 18, 2012 10:42 AM PT

Recent college graduates looking for entry-level work will have an easier time job-hunting than earlier alumni, recent reports are finding. But the students who will make the most money when they emerge from school will be the ones with math- and science-related majors.

Engineering, business and science graduates often end up commanding some of the highest salaries, according to a new study conducted by three Yale University professors for the National Bureau of Economic Research. Software engineers were deemed by CareerCast last week to have the best jobs.

A Wednesday report from outplacement firm Challenger, Gray & Christmas concurred, finding that new job seekers familiar with fields such as accounting were entering an employment market with projected double-digit growth and median pay above $55,000.

Other occupations that require a four-year degree and are forecast to add at least 50,000 new jobs by 2020, according to the Bureau of Labor Statistics:

Computer and information systems managers: Up to a 19% growth rate with median pay of $75,000 or more
Financial analysts: Up to a 28% growth rate with median pay of up to $75,000
Market research analysts and marketing specialists: At least a 29% growth rate with median pay of up to $75,000

Across the board, the job market for this year’s 1.7 million college graduates looks more promising than in past years -- though finding work will still be difficult, according to Challenger.

Private-sector employment has grown for the last 25 months, with the number of employed 20-to-24-year-olds jumping by 939,000 between March 2010 and March 2012. The only demographic with more gains was the over-55 set, which boosted its employment numbers by nearly 2.9 million over the period.

Companies, however, will be hiring new graduates at a slower rate. The National Assn. of Colleges and Employers found that companies will boost hiring of spring grads by 10% -- less than last year’s 21% increase.

In part, that’s due to competition from a growing pool of graduates from previous years. Many young job seekers are still looking for ideal positions after being forced into less-desirable work during the recession and the slow recovery.

“The key is to avoid setting too many limitations on your search,” Challenger Chief Executive John A. Challenger counseled in a statement. “Just because you studied accounting does not mean you have to work for an accounting firm … do not hesitate to look outside your comfort zone.”

New graduates, however, may have an advantage: They’re more flexible about where and when they’ll work.

Even graduates who have been out of school for just a few years “probably have established friendships and other ties, including professional relationships, which make it more difficult to relocate,” Challenger said.

Job market for college graduates appears to be recovering

Software engineers have the best jobs, lumberjacks the worst

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